Crypto Regulation Predictions Under Trump Administration
Coinbase’s chief policy officer, Faryar Shirzad, recently made headlines with his predictions of fast crypto regulation under the upcoming Trump administration. In an interview with CNBC on December 2nd, Shirzad emphasized the potential for rapid legislative efforts to regulate the crypto industry once President-elect Donald Trump takes office.
Legislative Progress and Optimism
Shirzad’s optimism stems from the unique combination of a pro-crypto president and a Congress under Republican control, which could expedite the process of passing crucial legislation. He highlighted the historic support for crypto within Congress, stating, “We have the most pro-crypto Congress ever [in] history, we have an extraordinarily pro-crypto president coming into office.”
Currently, two significant pieces of crypto-related legislation are under consideration. The Financial Innovation and Technology for the 21st Century Act (FIT 21), sponsored by Republicans, has already passed the House of Representatives and aims to establish a legal framework for crypto. The Clarity for Payment Stablecoins Act, on the other hand, seeks to provide regulatory guidelines for stablecoin issuers.
Challenges and Opportunities Ahead
Despite his hopeful outlook, Shirzad acknowledged the limited time for significant legislative progress during the “lame duck” period before Trump’s inauguration. However, he anticipates “significant movement” in the new year and potential passage of market structure and stablecoin legislation in 2025.
Shirzad also highlighted the upcoming departure of US Securities and Exchange Commission (SEC) Chair Gary Gensler on the same day as Trump’s inauguration. He expressed confidence that the incoming administration would appoint an SEC chair who aligns with Trump’s crypto-friendly platform, emphasizing the positive impact on the crypto community and society at large.
Conclusion
In conclusion, Faryar Shirzad’s predictions of fast crypto regulation under the Trump administration have sparked discussions and debates within the crypto industry. With a pro-crypto president and a supportive Congress, the stage is set for potential legislative progress in the coming months. Stay tuned for updates on the evolving regulatory landscape and its implications for the crypto community.
